$600 Briefly Reached; Bitcoin Gains Popularity in Venezuela

Two days ago for a brief period of time the long-awaited price of $600 per coin was hit. Even though the situation changed pretty fast and ever since the cryptocurrency has been, once again, stuck between $580 and $590, it’s still a positive thing that the Bitcoin managed to gain strengths and in the $600+ territory after the hack attack.

Speaking of the infamous hack attack of Bitfinex, it still attracts lots of attention among traders and experts as well as Bitcoin haters. The latest news related to it is that Bitfinex was offering $3.6 million bounty for the recovery of the coins that were stolen from its platform last week.

Additionally, Bloomberg has published an article about Tian Jia, a 29-year-old Beijing-based programmer who had $440,000 at Bitfinex. According to his testimony, Jia was one of the many people who have been using the margin lending service at the site and even though US dollars weren’t stolen, he is forced to forfeit 36% of his deposit i.e. around $160,000.

Bitcoin Focused Study Reveals Users are Constantly Losing Coins to Hackers

An Irish company has conducted a Bitcoin focused survey which reveals valuable information regarding traders and how they feel about the cryptocurrency. According to the information published in the report, Bitcoin Marketing Team surveyed a total of 770 Bitcoin users from 68 different countries. The results have shown that the Bitcoin market was dominated by men as well as that more than one in six users has lost coins to hackers.

The coordinator of the survey, Jamie McCormick, pointed out that Bitcoin users were fond of the freedom the currency offers, but they have negative feelings as well because of the many hack attacks, exchange shutdowns and technical issues. The report has also highlighted the growth of Bitcoin gambling and predicted further improvements of this aspect.

In other news, banks are believed to be stockpiling Bitcoin in case they get hit with ransomware. This was revealed by Malwarebytes CEO Marcin Kleczynski, who pointed out that ransomware has become one of the main problems banks face these days.

Not everything is bad though; for example, France has received a new Bitcoin ATM in Montpellier, whereas Venezuela has noted a surge in Bitcoin volume. The high volume of Bitcoin transactions was followed by the relaunch of Surbitcoin, Venezuela’s first and oldest exchange.

24-Hour High under $600

Even though the Bitcoin price is virtually unchanged in comparison to Wednesday, there’s in fact a very important thing to mention. Wednesday evening, hours after we’ve published our post that the price was stabilised around $580, the cryptocurrency jumped and hit the $600 mark.

Nevertheless, the happiness lasted only for a short period of time and thus in the past 24 hours the highest Bitcoin price recorded on the chart was $596.08. The day’s low was $581.08, suggesting the currency is once more stuck in the $20-dollar area below $600.

In terms of other information relevant to traders, the market cap has dropped a bit from $9.29 billion to $9.27 billion. The volume too has calmed down and today we can see it settled at $73,149,500. This volume value, alongside the strong sell signal by the technical indicators and moving averages, suggests the price won’t be going up anytime soon.

However, we also know that things can change within hours when the Bitcoin is in question; therefore, we advise you to follow the situation closely, pay attention to the indicators signal and always have an exit strategy in case the price starts moving in the opposite direction of the one you’ve predicted.

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